Hong Kong Monetary Authority Expands Digital Yuan Trials

According to PANews, the Hong Kong Monetary Authority (HKMA) has announced further progress in its collaboration with the People's Bank of China (PBOC) on cross-border payment trials for the digital yuan. The scope of the digital yuan trials in Hong Kong has been expanded to facilitate Hong Kong residents in opening and using digital yuan wallets. The 'Fast Transfer' feature has been added to increase the value of the digital currency wallets. With the expansion of the trial scope, users can now open and use personal digital currency wallets in Hong Kong simply by using a Hong Kong phone number. These digital currency wallets can be used for cross-border payments, but cannot be used for transfers between individuals. Hong Kong users can add value to their wallets through 17 local retail banks using the 'Fast Transfer' feature. The digital yuan can be used not only in the Greater Bay Area but also in other mainland trial areas. This expansion of the digital yuan trials is a significant step in the ongoing development and implementation of digital currencies in China and beyond.